Uptick demand for goods and services associated with yuletide season pushed Consumer Price Index (CPI) known as inflation to 15.63% in December.

This was against November 2021 figure of 15.40 per cent, indicating 0.23 per cent points higher, Statistician General of the Federation/CEO National Bureau of Statistics (NBS), Dr. Simon Harry, announced the figures on Monday in Abuja .

The latest rise in inflation figure came after eight consecutive months of inflation drop.

During the month under review, NBS boss said composite food sub-index rose to 17.37 per cent in December, 2021 which was lower by 2.19 per cent points when compared to 19.56 per cent in December, 2020.

“This rise in the food sub-index was caused by increases in prices of bread and cereals, food product such as meat, fish, potatoes, yam and other tuber, soft drinks and fruit,” NBS stated.

On month-on-month basis, the food sub-index increased to 2.19 per cent in December, 2021, higher by 1.12 per cent points from 1.07 per cent recorded in November, 2021.

Similarly, core inflation, which excludes the prices of volatile agricultural produce stood at 13.87 per cent in December, 2021, which was higher by 2.50 percent when compared with 11.37 per cent recorded in December, 2020.

Harry said: “As you have all been monitoring, the inflation rate in Nigeria has maintained a consecutive decline in the year-on-year Headline inflation rate for a period of eight (8) months, from the month of April 2021 with an interesting trajectory as follows: April -18.12%; May – 17.93%; June –    17.75%; July – 17.38%; August –  17.01%; September –   16.63%; October –  15.99% and November – 15.40%

“However, it may interest you to note that this trend has been broken by the slight change in the month of December, 2021 as the inflation rate for all items (Headline Inflation) for the month increased to 15.63 per cent, year-on-year.

“Although, this is a decline when compared to the corresponding month in 2020 which recorded 15.75 per cent. This trend clearly shows an increase from 15.40 per cent recorded in the month of November, 2021 to 15.63% in December, 2021. This is 0.23 per cent points higher than the rate recorded in November, 2021.

“The change in the declining trend for about eight months might have been caused by the increase in prices of goods and services as a result of increase in their demand during the month under review, being a festive season.

“On month-on-month basis, the Headline index increased by 1.82 per cent in December 2021. This is 0.74 per cent rate higher than the rate recorded in November 2021, which was 1.08 percent.”

TheStar